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DEAR CEO, LET’S TALK ABOUT MONEY!

Anyways, I started my discussion last week with the crux aimed at saving you some money, giving you a happier staff and building a stronger organization. Read it here

This time I would be discussing a very important matter – money.

More often than not, any prospective employee would also consider what his paycheck would be after giving his time and life to your business. The reason is simple. Most of the basic needs of man can be indirectly or directly met when money is available. At the base of Maslow’s hierarchy of needs are the physiological needs – food, warmth, rest. Money should provide most of these.

So, how much do you pay?

Time is life. Skills are critical. If an individual gives you both, he’s giving away his life for whatever you offer him, financial compensation inclusive.

It’s always important that you pay people reasonable fees for their job. You would never get a thriving organization if you just use people. Exploiting the state of unemployment in your region to pay less than reasonable fees would only give you staff in transit.A bad pay would only give you staff in transit Click To Tweet

As much as you would always have staff in transit, if majority of your core staff fall in that category, it is a very bad sign. You can’t have a durable company that way.

Make sure you pay a reasonable fee and review the payment schemes based on the situation in your area and performance of the staff.